Xiamen Tungsten New Energy plans to invest in Ningde's plus ternary material to invest over 2.4 billion yuan to build a new 70,000 -ton production capacity

On August 24th, Xiamen Tungsten New Energy (SH688778, a stock price of 126 yuan, and a market value of 37.9 billion yuan) announced that it plans to invest in the construction of a new annual output of 70,000 tons of lithium -ion batteries at the production capacity.

"Daily Economic News" reporter noticed that in recent years, the new energy capacity of Xiamen Tungsten has expanded rapidly. In 2021, the sales volume of Xiamen Tungsten New Energy is 72,000 tons. The 70,000 -ton production capacity of Ningde's expansion means that the company's production capacity may be on the steps.

In addition, the differentiation of positive materials is relatively obvious. At present, the market is concerned about the excess of lithium iron phosphate capacity, and the development of high -end ternary materials has basically reached unanimous expectations.

It is planned to build a new 70,000 -ton production capacity in Ningde

"Due to the increased demand for high -performance ternary material products in the company, the four production bases of the company Haicang, Sanming, Ningde, and Haizheng are in full production. The current high -performance ternary material product production capacity can no longer meet market demand." Xiamen Tungsten New energy represents. It is reported that the total investment of the project is about 2.45 billion yuan, and the source of funds is self -raising. It is planned to be put into production in August 2025.

Photo Source: Shotshot of Xiamen Tungsten New Energy Announcement

"In order to meet the market demand, keep up with the company's strategic pace, this plan is planned to build a new CD production workshop in the Ningde base, and to achieve the production capacity of 70,000 tons of lithium -ion batteries through equipment procurement and installation. It will reach an annual production capacity of 95,000 tons. "Xiamen Tungsten New Energy said.

"Daily Economic News" reporter noticed that in recent years, the pace of Xia Xia's new energy capacity expansion is relatively fast. The company's 2021 annual report shows that last year, the production of lithium cobaltate was about 45,000 tons, an increase of 32.21%year -on -year; the production volume of ternary materials was about 27,000 tons, an increase of 64.54%year -on -year.

Earlier, the projects announced by Xiamen Tungsten are the projects of Haizheng Base 3, 6, and No. 9. It is expected to be put into production in 30,000 tons of three yuan in the second half of 2022. In the second half of 2023, 30,000 tons of three yuan materials are put into production Essence In addition, Xiamen Tungsten New Energy has launched the first period of lithium iron phosphate project at the Sichuan base.

For the construction of 70,000 tons of projects in Ningde, Xiamen Tungsten New Energy said: "This project is conducive to the company's new energy materials to become bigger and stronger, and further consolidate the company's positive material shipments. Improve the industrial layout, further consolidate the core competitiveness and expand the industry market, meet the national industrial policies, meet the company's overall strategic development direction in the future, and help further expand the company's business scale, enhance industry status and anti -risk capabilities, enhance comprehensive comprehensive comprehensive comprehensive strength."

Obverse material differentiation

According to GGII (high -industry lithium battery) research, orthopedic materials are mainly divided into lithium cobaltate (LCO), ternary materials (NCM, NCA), lithium iron phosphate (LFP) and lithium manganate (LMO). Among them, lithium cobaltate is mainly used in digital fields such as mobile phones, notebooks; ternary materials are mainly used in new energy vehicles and a small number of digital fields; lithium iron phosphate is mainly used in new energy vehicles and energy storage and other fields; lithium manganate materials are mainly used In the field of low -end digital, lithium battery bicycles and a few low -cost commercial vehicles.

According to the statistics of GGII, the shipments of the positive pole materials in China in the first half of 2022 were 770,000 tons, of which the shipments of lithium iron phosphate materials increased by 130%year -on -year, triple material increased by 51%year -on -year, lithium manganate fell 43%year -on -year, lithium cobaltate, Fall a year -on -year decrease of 20%

In the first half of this year, due to the downturn in the digital market and the poor performance of lithium cobaltate markets, the relevant data of Xiamen Tungsten Xinneng also met the overall market conditions. In the first half of 2022, the sales of lithium ion positive materials for Xiamen Tungsten was 40,200 tons, an increase of 21%year -on -year. Among them, the sales volume of ternary materials was 21,500 tons, a year -on -year increase of 91%; the sales of lithium cobaltate was 18,700 tons.

"In terms of lithium cobaltate, affected by the overall stagnation of the 3C consumer market, the overall demand has decreased compared with the same period last year, but the company's industry leader has a stable position and continues to maintain a leading position."

Since lithium iron phosphate can be applied to the field of power and energy storage at the same time, the growth rate is topped. However, with the continuous expansion of production capacity, the market is concerned about excess capacity in the field of lithium iron phosphate.

According to incomplete statistics from GGII, in 2021, there are more than 3 million tons of lithium iron phosphate planning projects in my country; from January to July 2022, there are nearly 50 iron phosphate and lithium iron phosphate and expand production projects, involving 6.06 million tons of iron phosphate capacity, iron phosphate iron phosphate, and iron phosphate. Lithium production capacity is 6.74 million tons, far exceeding the market demand in 2025. GGII believes that in 2021, domestic iron phosphate capacity of iron phosphate is close to 970,000 tons. In addition, the release of new production capacity this year is expected to reach 3 million tons at the end of the year, and the overcapacity of lithium iron phosphate materials has approached.

In response to the three yuan materials, the market's main view is that the high -end ternary materials are still scarce. Rongbai Technology (SH688005, a stock price of 109.21 yuan, and a market value of 49.3 billion yuan) previously analyzed when investor research on the production capacity of ternary materials, the production threshold of high nickel three yuan material was high, and no vicious competition was currently occurred. With the development of the new battery system, high -nickel three yuan is still a very competitive product in the future, and it will maintain high growth of production capacity.

Also holding similar views is Batery (BJ835185, the stock price is 63.8 yuan, and the market value is 46.5 billion yuan). The company previously said: "There is a lot of room for high nickel triple yuan in the future.SK ON and EVE cooperate to build an annual output of 50,000 tons of high-nickel ternary projects to ensure the production capacity and quality of high-nickel ternary orthopedic materials to meet the needs of cooperative customers for the company's positive electrode materials. "501130327

Daily Economic News

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